Asbestos Cable Wrap Insulation
This vintage electrical equipment and associated components appear to be damaged by probable trespassing metal salvager(s) (or "scrappers") looking for copper. As a result, the area is contaminated with lab-tested, high-percentage asbestos debris and high-percentage PCB-containing coolant fluid (oil) leaking from the "pot".
Certain depressed areas of large urban environments often contain abandoned buildings that are infiltrated by desperate individuals searching for copper pipes, cables, wiring, roof flashing or other types of recyclable metals for scrap-value, especially as economic times worsen.
This image also appears to show a small scorch-mark on the white asbestos cable insulation where the former high-voltage cable was cut. Apparently, in certain circumstances, personal health & safety may take a backseat to ill-considered risky behavior and outright desperation.